Movado reports Q3 adjusted EPS 82c, one estimate $1.03
Reports Q3 revenue $205.6M, one estimate $220M. Efraim Grinberg, Chairman and CEO, stated, "This year we made the strategic decision to increase marketing investments to drive sales across our powerful portfolio of watch brands. While this effort led to market share gains, we fell short of our sales plan due to the category performing below our expectations as challenges intensified within the watch category and retail landscape, which combined with our increased marketing expenditures, impacted our results. We have updated our full year outlook to reflect our year-to-date performance and expectations for the fourth quarter. Although our results have not met our expectations, we remain excited about the initiatives that we have in place to support our brands for the holiday season." Grinberg continued, "We are introducing exciting newness, including our new Movado Connect 2.0, our Movado Bold Fusion collection and innovative product across our portfolio of licensed brands. Our marketing features a strong holiday television campaign for Movado, and the debut of MVMT's first national television campaign. These efforts, combined with our strategic growth initiatives, will help drive results for our ecommerce platform and our retail partners in the final quarter of the year. Our strong balance sheet which includes $116 million in cash gives us great flexibility to navigate challenges and continue to invest in support of our growth."